JPMorgan beats on third-quarter earnings, with profit up 24%

JPMorgan Chase announced third-quarter results Friday morning and posted earnings of $2.34 a share. Analysts had expected earnings of $2.26.

The beat was driven by gains across most business lines, with higher interest rates benefitting most of the bank’s businesses. Markets revenue declined. Here are the key numbers:

Revenue: $27.8 billion, up 5% from last year.

Adjusted net income: $8.4 billion, up 24% from last year.

Consumer and community banking: Net income increased 60% to $4.1 billion on revenue of $13.3 billion, as Federal Reserve interest-rate hikes helped interest income. The unit attracted a record amount of net new money in the quarter.

Corporate and investment banking: Net income was up 3% to $2.6 billion on revenue of $8.8 billion. Markets revenue fell 1% to $4.4 billion, while banking revenue rose 4% to $3.2 billion.

Asset and wealth management: Net income was $724 million, up 7% from the year earlier.

“JPMorgan Chase delivered strong results this quarter with top-line growth in each of our businesses, demonstrating the power of our platform,” JPMorgan CEO Jamie Dimon said in a statement. “The U.S. and the global economy continue to show strength, despite increasing economic and geopolitical uncertainties, which at some point in the future may have negative effects on the economy.”